Money laundering: ABCON suspends BDC operator for $156,000

The Association of Bureaux De Change Operators of Nigeria (ABCON) yesterday suspended Director of Amazon BDC, Mr. Nwokenta Kingsley, arrested last week by the Nigeria Drug Law Enforcement Agency (NDLEA) with five other persons for swallowing $156,000
Addreesing a presss conference at the National Secretariat of ABCON in Lagos, yesterday, ABCON Acting President, Alhaji Aminu Gwadabe said, “ABCON is shocked and highly embarrassed by this discovery and the involvement of a BDC operator in such an illegal act”
Mr. Nwokenta Kingsley, Onwuasoanya Augustine, Christian Okoli Ifor, Nwokenta Emmanuel Maduakolam, Ezenwa Ikenna, 28, a specialist in wrapping; and Ezenwa Uzoma, a 33-year-old hotel manager were arrested at the Excel Oriental Hotel Ikeja by the operatives of the Nigeria Drug Law Enforcement Agency (NDLEA) for swallowing $156,000 intended for export to Brazil
Announcing the supension of Nwokenta, and Amazon BDC, ABCON President, Aminu Gwadabe, said, ” We hereby condemn in its entirety the actions of the Director of Amazon BDC and hereby state that his actions are sharp contrast to ABCON’s principles and code of conduct for BDC operators. I want to reiterate that ABCON has a zero tolerance for non-compliance with regulatory requirement and for unethical conduct amongst its members.
“It is for this purpose that the Association created the office of Compliance Officer in its National Secretariat and in all its zonal offices and also provided official vehicles for the compliance officers to regularly pay inspection visits to BDCs under their jurisdictions. Furthermore, the Association has a Disciplinary and Investigative Committee that handles all cases of unethical conducts by BDC operators.
“Consequently, and in line with the zero tolerance stance of the Association, the Disciplinary and Investigative Committee of ABCON has commenced comprehensive investigations of Amazon BDC and the actions of its directors and staff. Furthermore, the Executive Council of ABCON hereby announces the indefinite suspension of the Amazon BDC, its directors and staff, pending the outcome of the investigations by the Committee, the NDLEA, EFCC, CBN.
“While this is not to pre-empt the outcome of these investigations, the suspension is to serve as strong warning to all ABCON members that any case of illegality and unethical conduct will be severely dealt with by the Association. We call on all BDC operators not to allow anyone to use their services or license for money laundering or any act of illegality and criminality.”